Originally posted by RiverRat1
View Post
Announcement
Collapse
No announcement yet.
Bitcoin...Cryptocurrency
Collapse
X
-
Originally posted by RiverRat1 View PostBitcoin is the base crypto currency. Some people believe Crypto's will be used for transactions that will take the place of banks, paper money, title companies, and everything like credit cards. So a real estate transaction for example could take seconds instead of weeks, be safer, and save thousands.
Trillions are spent each year on transactions and money moving. It's really a crazy amount when you step back and look. Almost everything now from little CC purchases, pay-pal, phone bill, anything you pay online has these fees. Stock market alone could be reinvented with blockchain to save hundreds of billions if not trillions in fees.
And yes you can buy plenty of things right now with bitcoin.
It will be really hard to get going though because EVERY world government politician gets rich off of their own FED printing money (in a round about way) Can't print more BTC.
It's basically a fairy tale world that stops inflation and makes things fair. So it will never happen but sounds great. If it does happen it would be regulated to death so the government can still make tons of money. Otherwise they go broke.
How did I do?
Tim, if cryptocurrency is simply another form of payment/money transfer, how can real estate transactions be reduced to seconds instead of weeks, and how does a form of currency take the place of title companies??? It does not take weeks for money to be transferred in a real estate transaction now; it can be done overnight, and how does it replace title searches and policies??? That makes no sense.
Comment
-
Originally posted by Burnadell View PostTim, if cryptocurrency is simply another form of payment/money transfer, how can real estate transactions be reduced to seconds instead of weeks, and how does a form of currency take the place of title companies??? It does not take weeks for money to be transferred in a real estate transaction now; it can be done overnight, and how does it replace title searches and policies??? That makes no sense.
Comment
-
My biggest concern with the crypto world, and I never dabbled, was that the world powers that be would never allow themselves to be cut out of the money loop. They’ll find a way to regulate it or even ruin it altogether.[/QUOTE]
I covered that Pretty much every single high power rich person got their money by screwing taxpayers by printing money. No way they just stop it.
ETH is up 65% in the last couple weeks What's going on?[/QUOTE]
This was always my concern as well
Comment
-
Originally posted by Burnadell View PostPlease explain how blockchain and smart contracts eliminate the need for title companies and how they can speed real estate transactions from weeks to seconds.
Comment
-
Originally posted by wes122984 View PostI wouldn’t say eliminate title companies. Not right away anyways. Blockchain is all about data processing and verification. Many things will move to blockchain tech in very near future. Loans are already being issued and underwritten on it. Do some reading on it and can see all the things smart contracts can replace.
Comment
-
Originally posted by Burnadell View PostThanks. My point was that the title search still has to be run for real estate sales as well as surveys, etc. That takes time irrespective of the transfer of funds to pay for it.
Comment
-
Originally posted by wes122984 View PostYes. Blockchain is not about the transfer of funds. Go to ethereums website and read up. It is very possible to put title work on the blockchain. It’s a ledger of data that can be nearly instantly verified.
"In sum, Ethereum is an advancement based on the principle of blockchain that supports bitcoin but with a purpose that does not compete with Bitcoin. ... Currently, the market cap of Ether (ETH) is more than Ripple and Litecoin, although it's far behind Bitcoin (BTC)."
Now I understand it perfectly and understand how that could replace title companies! Thanks!
Comment
-
Originally posted by Burnadell View PostOkay, gotcha! I found the definition of ethereums.
"In sum, Ethereum is an advancement based on the principle of blockchain that supports bitcoin but with a purpose that does not compete with Bitcoin. ... Currently, the market cap of Ether (ETH) is more than Ripple and Litecoin, although it's far behind Bitcoin (BTC)."
Now I understand it perfectly and understand how that could replace title companies! Thanks!
There are also many youtube videos that can help illustrate how smart contracts work and their possible uses. Ethereum is just one example.
Maybe this will help.
"Smart contract is just a phrase used to describe a computer code that can facilitate the exchange of money, content, property, shares, or anything of value. When running on the blockchain a smart contract becomes like a self-operating computer program that automatically executes when specific conditions are met. Because smart contracts run on the blockchain, they run exactly as programmed without any possibility of censorship, downtime, fraud or third-party interference."
Or this :
Last edited by wes122984; 04-01-2019, 05:58 AM.
Comment
-
Thanks for that info and link. I learned something from the Forbes article for sure, but the last paragraph confirmed my thinking:
"Title companies are not like many other intermediaries that very well may face extinction. A title attorney or closer is needed in many different scenarios to complete the transaction. Our roles will change. The industry as a whole will be creative in its adaptation of the utilization of the blockchain, amending our services based on the clientele’s future needs. It is true that the fundamental trust in record keeping may be garnered by the blockchain, but today’s title insurance company is not going anywhere. We will remain necessary and serve in many different capacities. Blockchain will bring great efficiencies, cost reductions and simplicities to our industry, but it will only supplement the hands-on expertise of a title insurance company."
Comment
-
Originally posted by RiverRat1 View PostLooks like BTC has finally hit bottom. IMO it's going to take some sort of bad news to tank it back below 3,800 otherwise it should slowly keep rising until FOMO starts setting back in.
I bought GBTC a couple weeks ago. It's a trust fund that only owns BTC It has fees associated with it but trades like a stock so it's simple to buy/sell.
May buy more today.Originally posted by Etxbuckman View PostWhat makes you say it's hit bottom? Not saying you're wrong by any means, just curious what factors you're considering here.
Was up big today..over 4,800 for a while.
Comment
Comment